Glassnode: This round of crypto market sell-off is a leverage-driven event, not a large-scale market capitulation

Glassnode published an analysis stating that during the recent sell-off, over 90% of Bitcoin's supply was still profitable, with the majority of losses coming from top buyers. Unlike the FTX and Luna crashes (when less than 65% of the supply was profitable), this was not a wholesale market capitulation, but rather a structurally different, leverage-driven market event.